US stocks inched upwards yesterday as investors digested the Fed's rate decision along with major Big Tech earnings 

China-Hong Kong premium of dual-listed stocks widened to the most in 17 months amid China's stimulus efforts

New Zealand dollar slid 1.9% versus Aussie dollar in its worst day since 2017 after it surprisingly held rates steady

Alphabet missed Q3 earnings and revenue estimates in its first in four years and posted negative FCF while announcing plans to increase AI capex in 2027 to fund its AI efforts (CNBC)

Microsoft beat Q3 earnings and revenue estimates driven by 48% growth in its cloud business though FCF dropped by 27% as it ramps up AI capex (CNBC)

UBS met on Q3 earnings estimates on strong inflows into its global wealth management business; the bank continues to battle with the Swiss government on regulations (CNBC)

FedEx issued a Q3 beat-and-raise as it wins across high-value market segments while optimizing its network (CNBC)

Chipotle missed Q3 earnings estimates though same-store sales rose on the back of low income customers; the chains expects the trend to continue into Q4 (CNBC)

What we're watching this week:  

Full calendar here

If you want an idea on just how cooked the Republicans are this midterms, event contracts have a Democrat winning the 2028 presidency and no one even knows who the nominee might be

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Fed held rates steady at 3.75%-4% despite 'elevated' inflation (CNBC)

Global bond sales have shattered records (BBG)

US allies have slashed Treasury purchases by 60%, led by Asia (BBG)

China will speed bond sales in stimulus efforts (BBG)

UBS CEO signals Switzerland exit over capital regulations (WSJ)

Bloomberg is paying for faster access to Trump's Truth Social posts (RT) 

Australia is investigating the bankers in Firmus' failed IPO (BBG)

Hundreds of stock funds got wiped out in LatAm market collapse (BBG)

Star trader's woes turn up the heat on European junk debt (BBG)

Prediction market bets set the tone for Anthropic's IPO (RT)

OpenAI will buy Google chips (TI)

Apple debuted its first touch screen MacBook (CNBC)

Sidley Austin hires banker to lead out-of-court RX practice (FT)

Polymarket's top trader is sports gambler 'Swiss Tony' (FT)

JPMorgan's new Manhattan HQ cost $6B (WSJ)

China's green exports are enough to offset Brazil's emissions (BBG)

Deutsche Telekom will not proceed on its potential $200B merger with T-Mobile US 

Chip giant Marvell Technology is in advanced talks to buy $90B-listed data center optics maker Lumentum Holdings in one of the biggest TMT mergers ever

Malaysian telecoms Maxis and U Mobile are reviving plans to merge in a potential $10B deal

Power distribution firm GE Vernova agreed to acquire grid components maker Trench Group for $9B cash

Siam Cement and Global Chemical agreed to combine their Thai olefins and polyolefins businesses valued at $5.5B

TPG is in talks to buy UK ​data center group Ark from ‌Elliott at a $5B valuation

EQT has raised its bid for $4.7B-listed Japanese price comparison website Kakaku.com seven times in the past six months in its bidding war against Bain Capital and SoftBank-backed LY

Indian conglomerate Adani Group is exploring a $3.5B acquisition of IFM Investors and Vitol-backed Dutch energy storage group VTTI 

Commodities giant Trafigura and Abu Dhabi's Mubadala Capital shelved a sale of a Brazilian iron ore port for $5B after offers came in at less than $3.5B

PE firms CVC and Cinven and Spanish beauty company Puig ​are interesting in acquiring luxury fragrance brand Parfums de ‌Marly from PE firm Advent for potentially $2.23B 

Infrastructure investor I Squared Capital agreed to acquire F-35 parts supplier Orizon Aerostructures for $2B

Supplements brand Rho Nutrition is exploring a $500M sale

Activist Trian Fund Management offered to LBO Wendy's for $1.4B at a 20% premium

Cobblers Cove Capital and Arkhouse Management offered to LBO $440M-listed Applebee's and IHOP franchisor Dine Brands Global in a cash deal at a 33% premium 

Peru's state-owned Petroperu aims to sell a minority stake in Q1 as it seeks to notch its first FY profit since 2021

Personal AI agent startup Instinct is in talks to raise capital at a $30B valuation

Re:Build, an advanced manufacturing company, raised $2.1B in new funding led by General Catalyst and JPMorgan's Strategic Investment Group

Flapping Airplanes, an AI company developing new GPU primitives, raised a $1B Series A co-led by Index and Lux

Wealthsimple, a Canadian financial services platform, raised $300M at a $9.8B valuation led by GIC

Ibis, an on-chain credit platform provider, raised an undisclosed pre-seed and secured a $250M credit facility led by FalconX

Firehawk Defense, a defense propulsion company, raised a $150M oversubscribed Series D at a $1.4B valuation led by Advent and Rochefort Asset Management

Foundry Robotics, an autonomous factory and complex assembly startup, raised a $100M Series A led by Marlinspike Partners

Casap, a fraud/compliance AI agent platform for banks, raised a $56M Series B led by Base10 Partners

Fragment, a procurement AI agents startup, raised a $56M Series A led by 8VC with its seed round co-led by General Catalyst and A* 

Easol, an experience commerce platform, raised a $30M Series A extension with $20M equity from Y Combinator, Tiger Global, and others

Broccoli AI, an AI agents for contractors, raised $52M across a Series A and Series B at a $300M post-money valuation led by Khosla Ventures

Plato, a company building simulated workplaces for AI training, raised a $16M Series A led by Nava Ventures

Rocker, an AI work assistant startup, raised a ~$13M funding round led by Greycroft

American Advanced Materials, an AI-native advanced materials platform, raised a $12.5M seed round led by Amity Ventures

Sava, an AI-native Nevada-chartered trust company, raised a $10M seed round led by Gradient Ventures

Cancore, a Canton-native platform connecting tokenized assets with public-chain liquidity, raised a $7.2M seed round from Paper Ventures, dao5, X Ventures, and others 

Jio Platforms, the telecoms unit of Indian conglomerate Reliance Industries, surged 27% in its trading debut after raising $2.1B for a $137B market cap in a record India IPO

Banks led by Morgan Stanley delayed plans to offload $5B-$7B of a $15B loan to fund a data center tied to Anthropic in Texas after the state put a hold on new projects 

Tyko Capital, a private lender backed by Elliott, is lending developers a record $817M to build two luxury condos in Miami

Indian conglomerate Shapoorji Pallonji Group is looking to raise $200M in private credit to repay creditors of its specialty finance unit Porteast Investment

Jeffrey Epstein-backed NYC members club Core Club is battling to regain control of their unopened Milan site from distressed debt investor Reinvest

Iconic film producer Lionsgate Studios is looking to sell bonds backed by its catalog 

Real estate PE firm Rockpoint acquired the 100 Summer Street office tower in Boston for $260M in a foreclosure auction seven years after purchasing it for $806M

Big Law titan Weil, Gotshal & Manges will dissolve amid a partner exodus following a failed merger with Willkie Farr & Gallagher

Biotech investor OrbiMed is seeking to raise $750M for its fourth Asia PE fund

Private credit firm Tree Line Capital Partners raised a $680M CV led by PGIM and LGT Capital Partners

Noha, the new VC firm of Mubadala's ex-VC head Ibrahim Ajami, is seeking to raise a $500M debut fund 

UK industrial technology investor AP Ventures raised $300M for its third fund

A&M Capital raised $115M for its debut MM secondaries fund

Anthropic IPO shutout sends Asia investors betting on perps instead

Nearly 90% of businesses are turning to tokenized money

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Zvi Mowshowitz published an insightful Substack piece highlighting ten key takeaways from Anthropic's IPO filing as well thirty-five core aspects of its business. It's an incredible read if you've been too busy to follow the IPO drama. Read it here.

As DeepMind's @SamuelAlbanie says, maybe the most important graph in the world right now.